The jobless ranks in Silicon Valley grew last month, according to new figures released today that show the unemployment rate for Santa Clara and San Benito counties rose to 7.2 percent in November — up from 7 percent in October.

That’s lower than the statewide unemployment rate of 8.3 percent, but higher than the national rate of 6.5 percent.

The number of jobs in the two South Bay counties fell by 4,300, to a total of 917,500, according to the state Employment Development Department.

The number of manufacturing jobs in the two counties declined by 1,900 from October to November, nearly twice the average decline of 1,000 jobs from October to November in the previous 18 years. The number of retail jobs increased by 1,500, but that’s only half the number of jobs that are typically added for the holiday shopping season between October and November.

Eye injuries reportedly linked to Genentech’s Avastin: Genentech said it had received 36 reports of eye inflammation in Canadian patients who were given the cancer-drug Avastin to treat eye diseases.

The cases were reported in November by four different sites, Genentech, of South San Francisco, said in a letter to physicians posted today on its Web site. The injuries developed when doctors used Avastin to treat macular degeneration, the leading cause of blindness in the elderly, or diabetic retinopathy, the company said. Avastin isn’t approved for use in the chronic eye diseases.

Doctors prescribed Avastin to treat macular degeneration before Genentech’s Lucentis was approved for the illness in 2006. Both drugs target a chemical signal that triggers blood- vessel growth known as vascular endothelial growth factor, or VEGF. Some ophthalmologists prefer using Avastin, which is injected into a patient’s eye, because it costs less than Lucentis.

Electronic Arts to cut jobs, studios: Electronic Arts, the second- biggest video-game publisher, boosted planned job cuts to 1,000, or 10 percent of its workforce, and will consolidate or close at least nine studio and publishing locations.

The changes, to be carried out by March 31, will yield savings of about $120 million a year and cost as much as $65 million over the next several quarters, the Redwood City-based company said today in a statement. The actions expand on a 6 percent reduction announced in October.

The maker of “Madden NFL” warned of additional cuts on Dec. 9, when it lowered its full-year revenue and profit forecasts because of slow holiday sales in North America and Europe. Electronic Arts plans to scale back the roughly 30 games a year it now produces to focus on top-sellers.

Intel buys more shares in U.K. company: Intel said it increased its stake in British chip designer Imagination Technologies Group, a day after Apple disclosed it had purchased an interest in the company.

The purchase of 934,422 shares brings Intel’s total stake to 6.9 million shares, or 3 percent of voting rights in the company, Intel said today in a filing. Apple bought 8.2 million shares for 3.2 million pounds ($4.8 million), giving it a 3.6 percent stake.

This is the second investment in a chipmaker this year for Apple. In April, it acquired microprocessor designer P.A. Semi, adding technology for low-power chips. Terms of that deal weren’t disclosed.

Best Buy cuts iPhone price: Best Buy, the largest U.S. electronics retailer, cut the price on Apple’s iPhone by $10 for the rest of the year as Wal-Mart prepares to start selling the device Dec 28.

Best Buy is offering two models of the phone for $189.99 and $289.99. That price includes free e-mail set-up from the company’s Geek Squad service unit, a $30 value, Scott Moore, vice president of marketing for Best Buy Mobile, said in an interview.

The discount signals competition has intensified as cash-strapped shoppers limit purchases amid the U.S. recession. Chief Executive Officer Brad Anderson said Dec. 16 he expects consumer spending to “get worse before it gets better” and said Best Buy will trim costs in 2009 by cutting jobs and investments.

While Wal-Mart has refused to comment on whether it plans to market the phone, store clerks in Arizona, California, Nevada, Texas and Washington contacted by Bloomberg News said they will sell the device. Its price will be $197 and $297, technology site Engadget.com said Dec. 17.

The agency’s hiring surge is only for half of the funds generated under SB 1; the other half is going to cities and counties for transportation improvements projects, which are also expected to generate new jobs.